UK GDP rebounds stronger than expected in January

Increased by 0.8%

UK GDP bounced back 0.8% in January, higher than economists had predicted, with food and drink services posting a strong recovery and rebounding 6.8% following a 8.1% decline in December.

GDP had pulled back 0.2% in the last month of 2021 as the Omicron variant hit the nation, however the January figures have now reached GDP 0.8% above pre-coronavirus levels. All sectors contributed positively to growth in the month, with services the main driver contributing 0.6 percentage points and production and construction contributing 0.1 percentage point each. Human health and social work activities were said to be the main drivers of growth while the negative drivers were other service activities and real estate activities.   US inflation hits fresh 40 year high of 7.9% ...